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Web18 sells its entire 50% stake in JobStreet.com India to JobStreet Singapore

Web18, the internet and mobile arm of the TV18 (Television Eighteen) group, has sold its entire shares in JobStreet.com India to JobStreet Singapore, which is a subsidiary of Malaysia-based recruitment company JobStreet.com, for $126,501. Web18 had acquired 50 per cent stake in JobStreet.com India in April 2006.

Web18, the internet and mobile arm of the TV18 (Television Eighteen) group, has sold its entire shares in JobStreet.com India to JobStreet Singapore, which is a subsidiary of Malaysia-based recruitment company JobStreet.com, for $126,501. Web18 had acquired 50 per cent stake in JobStreet.com India in April 2006.

According to Web18, the sale of its stake in JobStreet.com India is in line with its long term strategy of consolidating its operations. The company has further indicated that its latest deal will result in non-operating exceptional expense arising out of disposal of long term investment of about Rs 25 million in the financials of Web18 for quarter ending March 31, 2010.

While referring to its agreement with Web18 to buy back 50 per cent stake in JobStreet.com India, JobStreet.com has said that the acquisition is in line with the group’s direction of streamlining its operation in India with a single shareholders to increase efficiency in decision making and strategy formulation.

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